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Colombia's First Commercial Bank to Pilot Crypto Services
Banco de Bogotá will use the test to explore business models and risks around crypto assets.
A Colombian commercial bank established in 1870 is to trial cryptocurrency services through a sandbox project set up by the country’s financial regulator.
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- Banco de Bogotá said Monday the pilot program begins this month and will allow the bank to explore business models and risks associated with the handling of crypto assets, according to a Portafolio report.
- The sandbox from the Financial Superintendence of Colombia is aimed to provide a "joint test space between the digital ecosystem and the National Government in terms of crypto assets," the news source said.
- The bank will select a limited group of clients for the pilot, who will be given the option to make cryptocurrency deposits and withdrawals using Banco de Bogotá's mobile and virtual banking channels.
- As reported by CoinDesk, Colombia saw major growth in cryptocurrency use as a store of wealth as well as for transactional purposes in 2020.
- Peer-to-peer crypto marketplace LocalBitcoins said Colombia accounted for 11.3% of its global volume in 2020, making it one of the firm’s “main markets” alongside Russia and Venezuela.
Read more: La carrera de Colombia por convertirse en un mercado líder de criptomonedas en la región
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
